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Thread: Tax rate

  1. #31
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    But you originally said you will be taxed on the original $100. That is not the case. Of course they want to tax what you made on your investment, why wouldn't they? I fail to see how they "reclassified" the original $100. Sure they may say it is an investment now, but they cannot tax it.
    That is not what I said. I said they were grabbing more tax money based on a person simply putting the money in the bank. Rather than ask why shouldn't they grab a chunk of that money the real question should be why should they get any of the wise use of a person's money such as saving it???
    Think about it, a person either saves or invests money they have earned. Why should the feds take anything from the results of not blowing the money on $500 plus sneakers like MIchele, the Queen???
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  2. #32
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    Flat tax with an exemption is the best way. A national sales tax takes too much money out of the pockets of the disadvantaged.
    Define disadvantaged for me. Do you mean the person that pops out multiplle kids with no way to pay for them rather than keeping their legs crossed or pants zipped?
    That is not disadvantaged but rather irresponsible, THey bred it they feed it!!!!!
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  3. #33
    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    That is not what I said. I said they were grabbing more tax money based on a person simply putting the money in the bank. Rather than ask why shouldn't they grab a chunk of that money the real question should be why should they get any of the wise use of a person's money such as saving it???
    Think about it, a person either saves or invests money they have earned. Why should the feds take anything from the results of not blowing the money on $500 plus sneakers like MIchele, the Queen???
    OMG, go back and look at #7: I said, and you quoted me in the post: "You are not taxed on the original principle invested, only the profit. Any loss is taken off your AGI, adjusted gross income." You said "That's not true."

    As I said before, I am not arguing the validity of the taxation, I am just trying to correct your assumtion that the original investment is taxed.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

  4. #34
    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    Define disadvantaged for me. Do you mean the person that pops out multiplle kids with no way to pay for them rather than keeping their legs crossed or pants zipped?
    That is not disadvantaged but rather irresponsible, THey bred it they feed it!!!!!
    Of course not. Disadvantaged are the people that lose their jobs or are in college that don't make enough money to live on. The people that are actually showing that they want to earn a good living but aren't right now for some reason. They have had a bump in the road, a temporary set back. I am not talking about the con artists you are referring to. What we should do with them is something that I will not say on a public forum, that just opens a big can of worms...and no, it isn't killing them.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

  5. #35
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    Quote Originally Posted by luvmylabs23139 View Post
    Isn't that the truth!!! And the other nutty thing is if you pay quarterly the slime balls expect for the second quarter, not a real quarter but 3 months of taxes paid with only 2 months of income or pay a penalty!
    Luvvy, are you saying that your second quarter only has 2 months in it?
    All 4 of my quarters have 3 months in it. Do you somehow lose a quarter due to a conversion from the metric system?

  6. #36
    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by mjh345 View Post
    Luvvy, are you saying that your second quarter only has 2 months in it?
    All 4 of my quarters have 3 months in it. Do you somehow lose a quarter due to a conversion from the metric system?
    They are referring to the fact that when you pay quarterly tax estimates, the first quarter is due April 15. The second quarter is due June 15, two months later. The third quarter is due Sept. 15, three months later. They are conveniently forgetting they had three and a half months to pay the first quarter estimate. See, it all balances out in the end. They know they have to pay the taxes, just complain a little bit more than the rest of us.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

  7. #37
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by mjh345 View Post
    Luvvy, are you saying that your second quarter only has 2 months in it?
    All 4 of my quarters have 3 months in it. Do you somehow lose a quarter due to a conversion from the metric system?
    NO, I'm referring to the quarterly deposit dates:
    April 15th actually 17th this year
    June 15th
    Sept 15th Actually Sept 17th this year
    Jan 15 2013

    If a person does not want to spend hours breaking out income by quarters and having all the detailed backup they will pay a penalty or not giving the feds 25% on JUne 15th of 90 % of the total bill or 100% of last years liability. This applies even if the person is due a significant refund.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  8. #38
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    They are referring to the fact that when you pay quarterly tax estimates, the first quarter is due April 15. The second quarter is due June 15, two months later. The third quarter is due Sept. 15, three months later. They are conveniently forgetting they had three and a half months to pay the first quarter estimate. See, it all balances out in the end. They know they have to pay the taxes, just complain a little bit more than the rest of us.
    Not really for the self employed. How can a person trully estimate what may or may not happen in future months?
    How ddi anyone have 3 1/2 months to pay a bill based on the income that ends 3/ 31?
    How about the people that were due a refund for 2011 but jsut told the federal slime to keep it, since they get no intest anyway and apply it to 2012?
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  9. #39
    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    NO, I'm referring to the quarterly deposit dates:
    April 15th actually 17th this year
    June 15th
    Sept 15th Actually Sept 17th this year
    Jan 15 2013

    If a person does not want to spend hours breaking out income by quarters and having all the detailed backup they will pay a penalty or not giving the feds 25% on JUne 15th of 90 % of the total bill or 100% of last years liability. This applies even if the person is due a significant refund.
    I thought you said you knew something about tax law. The law simply says you pay 100% of last years liability, actually 110%, in quarter installments. I can figure mine out in 30 seconds. Writing of checks and mailing them takes another 5 to 10 minutes over the year.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

  10. #40
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    As a stockholder (social security) and as an investor (taxpayer) I feel I am due a full report and account of the corporation (country)

    Where is my prospectus? My budget?

    If our legislators were paid according to the business of this country, they would stop wasting money and get a proper budget in order.

    I am paid on commission. If my company posts a loss, I do not get paid and won't have a job for long. Consequently, I take action, post profit, and get paid. Just imagine if they were to do the same.

    But will there ever be a politician so brave as to stand for something like this?
    "I'm gonna lean up against you, and you lean up against me. That way we don't hafta sleep with our heads in the mud"
    Forrest Gump, 1994

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